Kolkata-based solar photovoltaic modules maker Vikram Solar plans to more than treble its manufacturing capacity in West Bengal by the end of this fiscal, its MD and CEO Gyanesh Chaudhary said.

Kolkata-based solar photovoltaic modules maker Vikram Solar plans to more than treble its manufacturing capacity in West Bengal by the end of this fiscal, its MD and CEO Gyanesh Chaudhary said.

NEW DELHI: Kolkata-based solar photovoltaic modules maker Vikram Solar plans to more than treble its manufacturing capacity in West Bengal by the end of this fiscal, its MD and CEO Gyanesh Chaudhary said.

The first phase of 250 MW expansion at its facility at Falta, West Bengal, will be commissioned by August while the second phase of a similar quantum would come on track in the next six to eight months, Chaudhary told ET. The plant currently has installed production capacity of 150 MW.

The company further plans to expand the capacity to 1.2 GW by 2018 through a project funded in 60:40 debt-to-equity ratio. It, however, refused to divulge investment details on the same.

According to an industry expert, a 100 MW PV module greenfield manufacturing plant requires an investment of Rs 50-60 crore.

Vikram Solar, which recently commissioned a 40 MW solar plant for IL&FS Energy Development in Madhya Pradesh, also plans to expand to other states.

“For our third expansion essentially we are looking at Andhra Pradesh because of its robust solar policies, reliable infrastructure and the administration,” Chaudhary said. He said the firm recently signed a memorandum of understanding with the Andhra government.

The company is also looking at Rajasthan, Madhya Pradesh and Tamil Nadu as potential sites for setting up production units, Chaudhary said.

Vikram Solar, which grossed sales of over Rs 600 crore last year, expects 40%-60% growth this fiscal, buoyed by increased activity in the sector following the central government’s impetus and investor-friendly policies in solar energy space.